Mr. Liam O'Reilly:

Well, there was the style of regulation which was agreed by the board ... principles-based. I was building an organisation at the time. We were putting together insurance, credit unions, consumer areas from the Director of Consumer Affairs. There was a lot of work in putting together an organisation, unifying that organisation and making sure that they worked cohesively. I felt I had done a good job in that area. I felt by the way, when I left the regulator, I thought I left it in a good state. Obviously, in hindsight, the issues were just an iceberg that I didn't see at the time.